We are an indebted nation, says Reserve Bank

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On average, 9.4% of household disposable income was spent on the cost of debt, the Reserve Bank said.
On average, 9.4% of household disposable income was spent on the cost of debt, the Reserve Bank said.

BUSINESS

South Africans are in serious debt. On average, we spend almost 10% of our household income on servicing debt, according to the SA Reserve Bank’s latest report on financial stability.

The good news is that the ratio between debt and disposable income changed between 2009 and 2018, indicating that people are doing a better job of paying off their debt.

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